Northumbria University

A contract race arises when a seller instructs their solicitor to deal with two or more separate proposed buyers. This Practice Note considers how setting up a contract race is addressed by the SRA Standards and Regulations when acting for a seller who intends to deal with more than one buyer at the same time.

This Introductory Guide to Residential Property is one of a series of Lexis+®UK Introductory Guides to Property. The purpose of these Introductory Guides is to provide apprentices, paralegals and others with an understanding both of the transactions which are typically undertaken by a property lawyer and also the legal framework within which those transactions are conducted.

The Commonhold and Leasehold Reform Act 2002 gives developers of new residential schemes a freehold option to offer to flat buyers. This Practice Note considers the advantages and disadvantages of owning a freehold unit within a commonhold as opposed to a leasehold interest.

This Precedent provides a comprehensive overview of the steps involved in purchasing a residential property. It covers the entire process from obtaining a mortgage offer to the completion of the transaction, culminating in the registration of the property at HM Land Registry and is intended to be provided to the buyer of a residential property at the outset, as a simple explanation of the steps involved in a residential sale and purchase.

This Precedent form of occupier’s consent to a mortgage is intended for use in residential property conveyancing to meet a lender’s requirement that any occupier over 17 years old who is not a party to the mortgage signs a form of consent to waive any rights that they may have in the property. This requirement is set out in the UK Finance Mortgage Lenders’ Handbook.

This Precedent key undertaking is for use in residential property conveyancing transactions where the buyer will be permitted to carry out some works to the property in the period between exchange and completion.

This Precedent letter is to be used for a declaration of gifted deposit for a proposed purchase of residential property in situations where the deposit is gifted by a family member, who declares that they will have no interest in the property and the deposit is gifted free from conditions.

This Precedent provides a comprehensive overview of the steps involved in selling a residential property. It covers the entire process from the acceptance of an offer to the completion of the transaction and is intended to be provided to the seller of a residential property at the outset, as a simple explanation of the steps involved in a residential sale and purchase.